RBI steps in to check rupee gains: Traders

Tags: News
The Reserve Bank of India was spotted buying dollars via state-run banks starting around 58.99-59.00, three traders said, continuing its heavy intervention to curb strength in the rupee.

The rupee was at 59.0400/0500 per dollar by 9:49 a.m., off its session high of 58.98. The currency closed at 59.17/18 on Friday.

The rupee had opened stronger tracking gains in local share markets, which hit record highs for a second straight session on continued hopes of wide-ranging reforms by the new government.

EDITORIAL OF THE DAY

  • Global processes create existential crises for nations

    Over 500 years ago, English king Henry VII eschewed bonds with the Roman empire, dismissed papal authority and took England out of Europe.

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Urs Schoettli

Brexit from an East Asian point of view

The decision of the Br­itish voters to leave the European ...

Zehra Naqvi

The hawk & the human

Humankind is obsessed with the desire to fly. That’s why ...

Bubbles Sabharwal

A piece of peace

Travel is intoxicating and invigorating, magical and mystical! You never ...